The oversold position, the negativity and the oil and gas umbrella buoyed what should have been a terrible market. That's fine while it lasts. But you know what? The fact that we didn't get hit may be a testament to the fact that equities that don't need credit -- that don't need the credit markets to function -- may be the ultimate refuge in this market. The possibility of investing with worldwide companies brimming with cash, companies like Coke (KO - commentary - Cramer's Take) or Pepsi (PEP - commentary - Cramer's Take) or Procter (PG - commentary - Cramer's Take) or even Intel (INTC - commentary - Cramer's Take) and Merck (MRK - commentary - Cramer's Take) and Schering-Plough, makes too much sense vs. anything bond, including corporate and munibonds. Altria (MO - commentary - Cramer's Take), AT&T (T - commentary - Cramer's Take), Verizon (VZ - commentary - Cramer's Take), Dow Chemical (DOW - commentary - Cramer's Take), Du Pont (DD - commentary - Cramer's Take) -- these are all bond equivalents without credit risk. They are where the action is.
Today was still another day where the balance sheets of the real corporate America and the negativity offset the ongoing disaster that has extended to other instruments like Auction Rate Preferreds -- see Dicker.
In the end, that's bullish, but ONLY for the companies that don't need the kinds of products that Wall Street gaffed companies with, products that are now coming back to kill anyone who touched them.
At the time of publication, Cramer was long Altria and Schering-Plough.
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Jim Cramer Blog Ag and Oil Will Lead 2/14/2008 11:19 AM EST Despite Bernanke's foolishness, we have a good floor.
Jim Cramer Blog Questions and Answers 2/14/2008 10:14 AM EST The market's being tugged in different directions, so here's a road map.
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